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Hut Group revenues rise 70%

Online retailer The Hut Group saw revenues increase by 70% to £143 million in the year to 31 December.

GENERAL MERCHANDISE

Hut Group revenues rise 70%

Over a third of group sales (35%) came from overseas with zavvi.com performing particularly well in The Netherlands and Spain.  The company said its websites, which also include lookfantasic.com, gifted.com, washbag.com, and mylabel.co.uk, received 78 million visits in the year.

The company purchased MyProtein.com in May last year for £58 million, which resulted in an additional £16 million in sales in the seven months following the deal.

Chief executive Matt Moulding said: "Our business model positions us well against the backdrop of a challenging High Street retail environment and the continuing sales channel shift towards online retail - the group is very well placed to continue its high growth."

He added: "Our focus for 2012 is on driving strong organic growth by further improving our service to our customers, continuing to expand our product range and increasing our international sales." 

The company said 92% of sales came from its own sites, with the balance coming from major retailers

The Hut Group had planned to float last year but shelved plans in the  autumn due to turbulent market conditions.

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